Costa Rica/costa developers /costa esterillos estates
chris wrote at 2006-12-15 20:22:24
I have bought in Esterillo from Costa Developers. It is legit and a good opportunity. You put your money down and then have 60 days to see the lot before signing. Very nice area, but the lots are mostly on hillside type land, not flat.
stunt wrote at 2010-03-31 19:58:54
I have purchased from Costa Developers. They are probably one of the few developers currently in Costa Rica that do not require a short period between buying land and then having to build. You have the options of interest free payments for the land purchase as well I believe its 3 or 5 years. Most other developers in the country want cash then you have a time line something like 24 months to build a house on the plot.
If you wish to buy land from Costa Developers. You have to visit the development before hand, you cannnot purchase a plot site unseen. Everything you see on the company web site is actually there, I have seen it with my own 2 eyes.
They have a complete turnkey solution if you wish to use it. If not, that's cool too. These guys are awesome .. so please think hard before knocking all developers as scam artists... this company is professional and stands by what it says it will do.
I agree you have to be careful when buying land or property overseas, this developer currently has 3 developments in the central pacific region and is looking to expend on that from what I hear.
MJK wrote at 2010-05-27 17:12:27
I own two properties in Costa Esterillos which I purchased back in 2006. I was down last month (April 2010) to check on the progress and meet with the architect to finalize a design. All the roads in the Esterillos development have been completed and were done in brick. It looks beautiful. All of the underground utilities are in as well including cable, internet and phone. There was one house completed and occupied on the block where my two lots are. There were also a number of other houses completed and occipied. The guard house at the entrance is done. The 1.25 acre beach club a few minutes from the entrance on Playa Hermosa is about half done. When complete, it will have a parking lot, lockers, restaurant and pool. I am very pleased with the progress and quality of work done to date at Esterillos and plan on starting my home in about two years. There are developments standing idle. This is not one of them.
silver surfer wrote at 2011-11-10 19:02:33
I actually own and live in my home in Costa Esterillos Estates....and there is no telephone or cable in the development and probably will not for some years. we have a cell phone and it works great. we also were able to purchase a kolbi data card that gives us great internet service. The road and utilities are in and the view from most of the lots is quite beautiful....it is one of the few developments that is actually functioning well and is growing in numbers....most of the homes are over 3500 sq feet.
Mr B wrote at 2012-10-24 17:31:40
Times have changed and Costa Developers is under New management. Arnaldo Bonilla and Ed Neary. They can not be trusted. They are living off your investment improving only their lifestlye. They have no money to run the operations.
Check out Youtube http://youtu.be/hVORmeREXAg
If you need to sell your property they will encourage you strongly to use their services at 18%..
Beware of Costa Esterillos, Costa Montana,Costa Reserva, NO NEW GROWTH. No one is building homes there!
ZinLady wrote at 2013-06-29 22:38:13
Does anyone own property in Costa Reserva Esterillos?
linda wrote at 2013-07-27 14:01:15
My husband and I purchased a lot in costa reserva and have only paid half so far. We stopped sending payments last year because we were unhappy with the progress being made!! We booked a trip this november to go and have a look for ourselves but recently we recieved an email saying we had a week to catch up on our late payments. Is anyone else in this perdicament?
Publisher wrote at 2013-12-26 13:45:13
Ed Neary has left Costa Developer as head of sales and Arnaldo Bonilla is still the acting CEO. Costa Developers has not being honoring its contractual agreements. There are law suits pending. One has been referred to a court in Jaco relative to a case where a River Villa was purchased in Costa Montana Estates. It was to be completed 6 months ago,it has not even been started. There was no response to the buyers request of the return of the payments. On their website they are promoting fraction ownership's in million dollar homes. There are none!
Their lots that they pledged as collateral for loans in both of their developments are in the process of foreclosure. At both of these developments, the lots that are in the name of the company, Costa Developers has not made HOA fee payments in a year.
Allen wrote at 2014-01-22 18:40:36
We bought 2 lots in Costa Reserva in 2006. We have made all of our payments. It seemed that every 6 months within these past few years, they would contact us regarding transfering to a legal corporation, and out of Costa Developers Corporation. When i would ask about the process and that the amount seemed excessive for each lot, they said they would get back to us. Then when I'd call or email again, that person would not work there anymore. This went on continually, as I have emails from many different people.
We went there in 2012 to discuss building as well as the tax situation, and met with Ed Neary, the new head marketing guy and savior! ? He was cordially and drove us around the development as well as the others. He seemed to try to get us interested in this so-called fractional ownership and/or sell us an existing home. we did discuss the possibility to build soon, as there were improvements to the infrastructure. Now that we are closer to wanting to build and find out about our taxes and transferring to a Corp, no one answers the phone or emails. And now I read about all of these current and past issues. Can someone please give an update? Thanks M & A
Abe Jacob wrote at 2014-03-27 00:25:35
To Allen and Linda,
Myself and my friend in Ont. Canada we both own lots in Costa Reserva. I paid in full by 2010 and got the Title registration documents for my lot, I send money for taxes every year, but I doubt that Mr. Bonilla paid my taxes for the last two years for me.
My friend paid for his lot only in 2012 and never received the Title documents, as his lots has been used as collateral for Bancredito for financial aid!
As of Nov 13 the Costa office and Mr. Bonilla disappeared! We are now going with a Lawyer in San Jose for our case!
To join contact Carla & AG Abogados.
Patrick wrote at 2014-04-04 17:36:31
I own 2 lots in Costa Reserva. For the last 4 years I've been trying to get updates on the status of the development. From what I read and was told nothing is happening and Arnaldo Bonilla is avoiding any contact with any investors. Mr. Bonilla is not returning phone calls or answering emails. His support staff seem to have a high turnover so no one knows what is happening if you are lucky enough to get a live person when you call his office. Today, April 4, 2014, I received a tax invoice from his office for the past 3 years. I contacted AG-Abogados.net and encourage all investors to do the same. I want some answers.
Tina Mott wrote at 2014-06-20 18:29:08
We own 2 lots in Costa Reserva. We have not been able to contact anyone, although we did receive a bill for our 2014 taxes (which we paid, but cannot obtain a paid receipt). We would like to join in the group who contacted the lawyer in San Jose. Please post the info so we can join the group.
John wrote at 2015-01-30 05:05:49
We own a property in Costa Reserva. We visited in Dec. 2014. The development is in ruins. Roads have collapsed. Infrastructure in not there as promised. We consider our investment to be a total loss. Costa Developers has not paid the taxes as they were supposed to have. Many of the properties are in trust at banks in San Jose. We are going to write the property off as a total loss in 2015. Do any of you have a better idea?
John wrote at 2015-02-02 20:54:38
My wife says I should add other info in order to be fair. When in San Jose we received help from Juan Alfaro Montero, a lawyer with Law Corp.,in order to recover our Corporate Books from a local bank, where they were being held as collateral in a trust. These books are the only proof that we own anything at all in Costa Reserva. Our last 2 payments (1/year) were actually paid to this bank, as they were honoring our original agreement to buy on installments, purchasing the land from Costa Developers. Of course the name listed as "owner" in the books remains Arnaldo Bonilla of Costa Developers. What remains to be done to bring things to an orderly conclusion is a list of 6 or 7 items including altering the books, transferring the title, paying back real estate taxes and back corporate taxes. This requires the help from a local lawyer, and we expect to use the services of Law Corp. Since we live in the USA all fees will be paid in advance by wire. We expect to accomplish this transfer within 2 months. Then we will decide what to do with the property. Since it is quite doubtful that it could besold anytime in the near future, we may declare the investment a total loss in 2015.Then if at a later date we recover some funds, we will pay US taxes on that money, whatever the amount.
Abe Jacob wrote at 2016-05-21 14:59:27
I have written here in 2015, as my friend and myself own lots in Costa Reserva. my friends lot, although fully paid but not registered was given as Collateral to the bank, my lot registered but as all lots undeveloped!
We have found Mr. Bonilla (last couple of month) in St. Jose, but after supplying him the documents he asked for, He does not answer the calls anymore!
We are looking for people invested in Costa Reserva who are interested in joining in a Law suite, please contact myself at S_Jacob@sympatico.ca or 613 569 7778 in Ottawa Ont Canada.